Free-Standing Masonry Office
For Sale
Contact for pricing
229 Pasadena Pl, Orlando, FL 32803
Well-maintained masonry office building with 10 parking spaces and adjacency to Lake Highland Preparatory School.
Property Size1,704 SF
Price / SF$498.83
Days on Market500
Property Features for 229 Pasadena Pl
General Information
Standard status
Active
Size
1,704 SF
Total Parking Spaces
10
Property subtype
OFFICE
Building Details
Buildings
1
Building Size
1,704 SF
Construction
masonry
Parking Ratio
6 per 1,000 SF
Listing Agency:
JLL | Orlando
(407) 982-8550
Listed By:
John Worrell · License #SL3315469
(407) 982-8735
Source:
Moodyscre
Added: May 9, 2025
Changed: Sep 2
Last Checked: Sep 20 at 11:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of JLL | Orlando
Investment Insights
Based on property information with market context.
This 1,704 SF free-standing office is housed in a well-maintained masonry building at 229 Pasadena Pl in Orlando, FL 32803. The layout supports an owner occupant strategy, with the ability to occupy the entire building or only a portion of it.
The property includes parking at a rate of 6 parking spaces per 1,000 SF (10 total). It also benefits from its adjacency to Lake Highland Preparatory School, providing useful context for day-to-day operations and visibility to nearby activity.
Overall, the building is designed for straightforward owner-occupied use, whether you plan to take the full footprint or lease out unused space.
The property includes parking at a rate of 6 parking spaces per 1,000 SF (10 total). It also benefits from its adjacency to Lake Highland Preparatory School, providing useful context for day-to-day operations and visibility to nearby activity.
Overall, the building is designed for straightforward owner-occupied use, whether you plan to take the full footprint or lease out unused space.
Key Highlights
- 1,704 SF free‑standing office building
- Well‑maintained masonry construction
- Owner occupant can occupy entire or partial building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$31,822
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.74%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$636,440
$636.4K
Cap Rate 7%
$454,600
$454.6K
Cap Rate 9%
$353,578
$353.6K
Market Conditions
NOI Build-Up for 1,704 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$51.1K $30.00/SF
− Vacancy
−$8.7K −$5.10/SF
EGI
$42.4K $24.90/SF
− OpEx
−$10.6K −$6.23/SF
NOI
$31.8K $18.67/SF
Area
Orlando, FL
Vacancy
17.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$636,440
Cap Rate 7%
$454,600
Cap Rate 9%
$353,578
Alternative Uses
Best Use
Office B
$454.6K
$397.8K – $530.4K
NOI $31,822 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$548.9K
$480.3K – $640.4K
NOI $38,424 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
3,248
Businesses Nearby
Explore this area
Business Placement
Demographics for 32803, FL
21,003
Population
12,225
Households
1.7
Avg Household Size
38
Median Age
59%
College-Educated
96%
High-School Grad
6.8 sq mi
ZIP Area
3,089
Density / Sq Mi
$101,401
Median Household Income
$61,439
Median Earnings
$1,823
Median Rent
$421,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Orlando, FL
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained masonry office building with 10 parking spaces and adjacency to Lake Highland Preparatory School.
Where is this office building located?
The property is located at 229 Pasadena Pl Orlando, FL.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: 1,704 SF free‑standing office building; Well‑maintained masonry construction; Owner occupant can occupy entire or partial building
